SBI Simply SAVE Credit Card: Is It All About Saving Simple?

The SBI Simply SAVE Credit Card, as the name suggests, positions itself as a card focused on helping you save while you spend. But with a sea of credit cards offering various rewards and benefits, does the Simply SAVE card truly live up to its name? Let's delve into its features, drawbacks, and see if it fits your financial goals.

Pros:

• Low annual fee: The annual fee of ₹499 is relatively low compared to many other cards, making it an attractive option for budget-conscious individuals. Additionally, the fee can be waived off if you spend ₹1 lakh in a year.
• Reward points on everyday spends: Earn 10 reward points per ₹150 spent on grocery, departmental stores, and movie spends, and 1 reward point per ₹150 spent on other categories. These points can be redeemed for vouchers or merchandise on the SBI Card's portal.
• Contactless payments: Enjoy the convenience and security of contactless payments with this card.
• Add-on card available: Get an add-on card for your family members at no additional cost.

Cons:

• Limited reward categories: The accelerated reward points are only applicable to specific categories, which might not align with everyone's spending habits.
• Low reward point value: The value of each reward point is relatively low, making it take longer to accumulate meaningful rewards.
• No welcome bonus: Unlike many other cards, the SimplySAVE card doesn't offer a welcome bonus, which can be a dealbreaker for some applicants.
• Renewal fee not always waived: Spending ₹1 lakh per year might not be feasible for everyone, resulting in the annual fee being charged.

Who should consider this card?

This card might be suitable for:

• Individuals with limited budgets who want a basic credit card with a low annual fee.
• Frequent shoppers at grocery stores, departmental stores, and movie theaters who can benefit from the accelerated reward points.
• People who value the convenience of contactless payments and add-on cards.

Alternatives to consider:

• SBI SimplySAVE Advantage Credit Card: Offers higher reward points on dining and departmental stores but comes with a slightly higher annual fee.
• ICICI Cashback Credit Card: Offers cashback on all spends, making it a more versatile option for those who don't have specific spending categories.
• HDFC Freedom Credit Card: Offers higher reward points on various categories and has a welcome bonus, but the annual fee is higher.

Ultimately, the decision of whether the SBI SimplySAVE Credit Card is right for you depends on your individual financial goals and spending habits. Carefully consider the pros and cons, compare it to other cards on the market, and choose the one that best aligns with your needs.